Thinking of offering to buy our rented house
Discussion
After a bit of PH wisdom if possible.
I've been living in a rented 2 bed terrace house in Leeds for coming up to 2 years in October. I deal with the Landlady directly and in all honesty she's been pretty good with some things that needed doing in the house.
I know that she's planning on selling it in 2017 so i'm thinking asking if she'd be willing to sell it to us directly earlier and cut out estate agents to save us both some cash. We currently have around 6k saved but need to get to probably 14 for a 10% deposit on the house.
Has anyone done anything like this before and got any advice? Are there anything i could suggest to the landlady to help us get to our deposit quicker, one idea i had was to ask if we could pay just the mortgage cost for a few months to help save up and quicken the process.
Do you think it's too cheeky asking for an estate agent coming to value the house so we have a rough idea what it would go for?
Thanks!
Richard
I've been living in a rented 2 bed terrace house in Leeds for coming up to 2 years in October. I deal with the Landlady directly and in all honesty she's been pretty good with some things that needed doing in the house.
I know that she's planning on selling it in 2017 so i'm thinking asking if she'd be willing to sell it to us directly earlier and cut out estate agents to save us both some cash. We currently have around 6k saved but need to get to probably 14 for a 10% deposit on the house.
Has anyone done anything like this before and got any advice? Are there anything i could suggest to the landlady to help us get to our deposit quicker, one idea i had was to ask if we could pay just the mortgage cost for a few months to help save up and quicken the process.
Do you think it's too cheeky asking for an estate agent coming to value the house so we have a rough idea what it would go for?
Thanks!
Richard
Simon Brooks said:
on the basis that I rent out several properties, I'm struggling to see what the landlord is gaining from your proposed arrangement, unless I'm missing something ??
Other than the saving on estate agent fees, which isn't going to be huge, I personally would wait until I've received the monthly rental income each month, until such time that I wanted to sell, Obviously at that point I would be prepared to strike a deal with a tenant if it was commercially beneficial and was a reflection of current market prices
Sorry, probably not what you wanted to hear
So i know for a fact the landlord is going to sell it in 2017 no matter what so i'm thinking i can beat her to it and put in an offer. As the day has gone on we think we have got a deposit together (family gifts Other than the saving on estate agent fees, which isn't going to be huge, I personally would wait until I've received the monthly rental income each month, until such time that I wanted to sell, Obviously at that point I would be prepared to strike a deal with a tenant if it was commercially beneficial and was a reflection of current market prices
Sorry, probably not what you wanted to hear
). So really all we need to do it see if she's willing to share and save on estate agent fee's and as someone said above the lack of a tennant for the period it's not sold. I think once i get the deposit together i'm going to see if she would be interested and then really start to crunch the numbers.
There are a few things i'd like to do to it car port and decking at the back being the biggest thing as i think on a terrace this could add some good value to it but also make the already dry cellar into a utility / storing room as it's currently uneven floor and bare brick but dry and fairly warm.
There are a few things i'd like to do to it car port and decking at the back being the biggest thing as i think on a terrace this could add some good value to it but also make the already dry cellar into a utility / storing room as it's currently uneven floor and bare brick but dry and fairly warm.
Thanks for all the replies.
The landlord didn't use an agent so all good there.
As for the value I think we could get an agent in to do a valuation.
However things have changed slightly as we now have generously been given some cash to buy something a bit bigger! Thanks for all the advice though!
The landlord didn't use an agent so all good there.
As for the value I think we could get an agent in to do a valuation.
However things have changed slightly as we now have generously been given some cash to buy something a bit bigger! Thanks for all the advice though!
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